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Oi bondholders work with Sawiris on alternative recovery plan
October 11, 2016 / 7:16 PM / a year ago

Oi bondholders work with Sawiris on alternative recovery plan

SAO PAULO, Oct 11 (Reuters) - A Moelis & Co-led group of bondholders in Oi SA, Brazil’s biggest fixed-line phone operator, said on Tuesday it had agreed to collaborate with Egypt’s Sawiris Group on an alternative recovery plan for the carrier in bankruptcy court.

In June, after a Brazilian newspaper reported that Egyptian billionaire Naguib Sawiris was considering a takeover of Oi, the carrier said it was unaware of any such intentions. The following week Oi filed for Brazil’s biggest-ever bankruptcy protection, kicking off months of contentious negotiations. (Reporting by Ana Mano; editing by Diane Craft)

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